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03 Mar 2023
by Daniel McAvinue

Five essential tips for high-engagement financial wellbeing

Empower your employees by helping them learn about managing money – and change their lives

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Almost everyone worries about money. In fact, 94% of people want someone they can talk to about their finances. Mission-led employers have an opportunity to step up and take the lead towards a ‘third wave’ of financial wellbeing (based on flexible, personalised 1-to-1 guidance) and make sure no one gets left behind.

For employers focused on retaining top talent in a competitive market, providing personalised help with money can be an incredibly powerful tool. Employees who are more money confident and feel able to achieve their biggest goals are more likely to thrive in all areas of life and this includes work.

Here are five essential ingredients to building an exceptional financial wellbeing programme that engages everyone and drives retention.

1. Make your offering accessible to all

In the UK, there is a huge affordability and accessibility gap when it comes to getting help with money.

Few of us are taught about finances in school and our views about money are often shaped by the financial knowledge gleaned from family and friends. This means that we can take on the biases of others when it comes to the benefits of financial advice and money coaching. But everyone can benefit from learning how to manage their money.

The more employees talk about money, the more they’ll break down barriers around it and the more they’ll improve their overall financial health and resilience.

2. Build your teams’ financial knowledge

Knowledge is power. And managing your money is one of the most empowering things you can do.

According to the World Bank, one-third of the UK population are not financially literate. Even accomplished professionals don’t always have a handle on their finances (even accountants can benefit from help with money).

An easy way to build employees’ financial confidence is to offer formal and informal learning opportunities. A pensions webinar could include an informal discussion forum on Slack or Teams where people can share questions, for example.

People have different learning styles, so try to accommodate this and offer educational content across different mediums. Don’t make assumptions about what people know about finances. Cover the basics like budgeting and saving, as well as more advanced topics like investing.

3. Keep it personal

Employees are overwhelmed by information. There are incessant updates from traditional media, social media, their employer, their friends and families. As well being inundated with depressing news, this can feel disempowering.   

People engage more when something feels relevant to them, when they can translate the big headlines and connect the dots to their own life.

It’s motivating to feel like advice is tailored to your own personal situation and that it takes into account your goals, risk tolerance and current financial situation.

Help your employees by being a bridge to resources and directing them to reputable financial information and advice.

4. Create accountability

Accountability is the process of being held responsible for our actions, decisions and performance. It’s a key aspect of achieving any goal we have and money goals are no different. When we have accountability, it helps keep us focused and take ownership of our choices and the steps we take towards our goals.

In general, we’re more pessimistic than we need to be about what we can achieve with our money. But being able to see a future plan for your money over time and how actions today could play out in the future can really help employees stay on track.

5. Always inspire

Surmounting challenges can always feel difficult, especially when it comes to money. People often underestimate the value of small steps and small changes and believe that only massive action can yield big results.

Determining what we value and unpicking biases can seem impossible. But sometimes all it takes is having someone to help you flip the script with your money mindset and help you figure out what will really make you happy.

A truly brilliant, holistic financial wellbeing programme can transform our relationship with money and turn it into one that sparks joy and excitement for the future.

Get the full guide for more top tips to help you bring financial wellbeing to life for all your employees.

In partnership with Octopus Moneycoach

Pay isn't the only financial gap between male and female employees. Talk to us about how financial coaching can close others gaps in your workforce.

Contact us today